§44D-8A-801. Short Title
This article may be cited as the West Virginia Uniform Directed Trust Act.
§44D-8A-802. Definitions
In addition to the definitions contained in 44D-1-103 of this code, as used in this article: (1) “Breach of trust” means a violation by a trust director or trustee of a duty imposed on that director or trustee by the terms of the trust, this article, or law of this state, other than this article […]
§44D-8A-803. Application; Principal Place of Administration
The provisions of the West Virginia Uniform Directed Trust Act apply to a trust, whenever created, that has its principal place of administration in this state, subject to the following rules: (a) If the trust was created before the effective date of this article, this article applies only to a decision or action occurring on […]
§44D-8A-804. Common Law and Principles of Equity
The common law and principles of equity supplement this article, except to the extent modified by this article or law of this state other than this article.
§44D-8A-805. Exclusions
(a) In this section, “power of appointment” means a power that enables a person acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over trust property. (b) This article does not apply to a: (1) Power of appointment;
§44D-8A-806. Powers of Trust Director
(a) Subject to 44D-8A-807 of this code, the terms of a trust may grant a power of direction to a trust director. (b) Unless the terms of a trust provide otherwise: (1) A trust director may exercise any further power appropriate to the exercise or nonexercise of a power of direction granted to the director […]
§44D-8A-807. Limitations on Trust Director
A trust director is subject to the same rules as a trustee in a like position and under similar circumstances in the exercise or nonexercise of a power of direction or further power under 44D-8A-806(b)(1) of this code regarding: (1) A payback provision in the terms of a trust necessary to comply with the reimbursement […]
§44D-8A-808. Duty and Liability of Trust Director
(a) Subject to subsection (b) of this section, with respect to a power of direction or further power under 44D-8A-806(b)(1) of this code: (1) A trust director has the same fiduciary duty and liability in the exercise or nonexercise of the power:
§44D-8A-809. Duty and Liability of Directed Trustee
(a) Subject to subsection (b) of this section, a directed trustee shall take reasonable action to comply with a trust directors exercise or nonexercise of a power of direction or further power under 44D-8A-806(b)(1) of this code, and the trustee is not liable for the action. (b) A directed trustee must not comply with a […]
§44D-8A-810. Duty to Provide Information to Trust Director or Trustee
(a) Subject to 44D-8A-811 of this code, a trustee shall provide information to a trust director to the extent the information is reasonably related both to: (1) The powers or duties of the trustee; and
§44D-8A-811. No Duty to Monitor, Inform, or Advise
(a) Unless the terms of a trust provide otherwise: (1) A trustee does not have a duty to:
§44D-8A-812. Application to Cotrustee
The terms of a trust may relieve a cotrustee from duty and liability with respect to another cotrustees exercise or nonexercise of a power of the other cotrustee to the same extent that in a directed trust a directed trustee is relieved from duty and liability with respect to a trust directors power of direction […]
§44D-8A-813. Limitation of Action Against Trust Director
(a) An action against a trust director for breach of trust must be commenced within the same limitation period as provided in 44D-10-1005 of this code for an action for breach of trust against a trustee in a like position and under similar circumstances. (b) A report or accounting has the same effect on the […]
§44D-8A-814. Defenses in Action Against Trust Director
In an action against a trust director for breach of trust, the director may assert the same defenses a trustee in a like position and under similar circumstances could assert in an action for breach of trust against the trustee.
§44D-8A-815. Jurisdiction Over Trust Director
(a) By accepting appointment as a trust director of a trust subject to this article, the director submits to personal jurisdiction of the courts of this state regarding any matter related to a power or duty of the director. (b) 44D-8A-815 of this code does not preclude other methods of obtaining jurisdiction over a trust […]
§44D-8A-816. Office of Trust Director
Unless the terms of a trust provide otherwise, the rules applicable to a trustee apply to a trust director regarding the following matters: (1) Acceptance under 44D-7-701 of this code;
§44D-8A-817. Effective Date
This article takes effect on July 1, 2020.